PROVIDENCE – The Employees Retirement System of the State of Rhode Island increased its net position by $344 million to $9.6 billion in fiscal 2019, according to the R.I. Auditor General Dennis E. Hoyle Monday.
The time-weighted rate of return for the plan was 6.5%, compared with 8% one year prior. Net investment income was $532 million, lower than the $633 million in fiscal 2018.
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Employee and employer contributions totaled $625.5 million to all defined benefit plans. Employees and employers contributed $125.9 million to the defined contribution plan for the year.
Expenses for the fiscal year totaled $84.2 million, while benefits paid totaled $963 million. Distributions from the defined contribution plan were $19.6 million.
The state’s defined contribution plan had a total of $1 billion at the end of the fiscal year.
Plan’s fiduciary net position at the end of fiscal 2019 as a percentage of total liability:
- ERS – State employees: 52.8%
- ERS – Teachers: 54.6%
- Teachers’ Survivor Benefits: 150.2%
- SPRBT – State Police: 83.1%
- JRBT – Judges: 95.7%
- RIJRFT – Judges: 4.7%
- SPRFT – State Police: 9.3%
- MERS – General Employees: 80%
- MERS – Police and Fire: 77.7%
